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(April 18, 2001) --, Fort Lauderdale, Fla., today announced a 50% consolidated revenue increase to $22.3 million in the first quarter of 2001, compared to the same quarter 2000, though it plans to layoff 15% to 20% of its 461 employees. said the layoffs, as well as cuts in discretionary marketing, will save $8 million to $10 million on an annualized basis. Based on these actions, the company expects to record a one-time charge in the second quarter of approximately $2 million to $3 million.

"While our first-quarter results, achieved in a challenging operating environment, again prove the viability of our business, our ability to achieve similar results going forward is somewhat impaired by the spending slowdown in the advertising industry generally and the fact that the second quarter is seasonally weak in terms of major sporting events," said founder and CEO Michael Levy.

Traffic to the company's sites also is up. For the quarter, traffic grew 91% over the first quarter of 2000, averaging 17.4 million page views per day, compared to 9.1 million page views per day in the same quarter last year. -- Adrienne Mand

Copyright April 2001, Crain Communications Inc.

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